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UPDATE: Stifel Nicolaus Upgrades Canadian Natural Resources to Buy; Valuation Attractive

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Stifel Nicolaus upgraded Canadian Natural Resources (NYSE: CNQ) from Hold to Buy and announced a $38.00 price target.

Stifel Nicolaus analyst Amir Arif commented, "We believe that the relative underperformance to the EPX provides an attractive entry point. The recent improvement in heavy oil, synthetic diffs, and strong Horizon production volumes YTD are not reflected in the stock and should allow for a strong 1Q13, consensus 2013 CFPS has upside relative to current heavy oil diffs, and CNQ provides very strong leverage to further expected improvements in heavy oil diffs in 2H13. Decision on Keystone XL could move the stock in the near-term, but its impact is on 2015+ volume outlook, which we view as the largest risk to the name."

Canadian Natural Resources closed at $31.14 on Wednesday.

Latest Ratings for CNQ

DateFirmActionFromTo
May 2015JP MorganInitiates Coverage onOverweight
May 2015RBC CapitalMaintainsOutperform
Apr 2015UBSInitiates Coverage onBuy

View More Analyst Ratings for CNQ
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Posted-In: Stifel NicolausAnalyst Color Upgrades Analyst Ratings

 

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